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Which of the following statements are correct? 1. An economic rent is the extra profit that firm makes by using innovative technologies before its competitors.
Which of the following statements are correct?
1. An economic rent is the extra profit that firm makes by using innovative technologies before its competitors.
2. An economic rent is the extra profit a firm makes when it doubles in size.
3. An economic rent is the amount you pay to your landlord for the use of an apartment.
4. An increase in economic rent decreases an individual's benefit.
5. If Technology A brings a higher economic rent than Technology B, a firm should choose Technology B.
Select one:
a.
3,4
b.
1,2
c.
2,5
d.
3,4,5
e.
1
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